KUALA LUMPUR (Oct 31): Serba Dinamik Holdings Bhd has applied for an extension of time up to Jan 31, 2023 to issue its two annual reports for the financial year ended June 30, 2022 (FY22).
The group was required to issue the report to Bursa Malaysia Securities and shareholders within four months from the close of the financial year, which falls on Monday (Oct 31).
In a filing with Bursa Malaysia, the financially troubled oil and gas services provider said the report could not be issued within that timeframe due to a delay in the completion of audit by the external auditors for the FY22 financial statements.
This, it added, was caused by a lack of personnel arising from the resignation of a significant number of staff across the organisation, as well as loss of critical personnel, especially the resignation of the chief financial officer and the financial controller in September.
Another reason is the appointment of the interim liquidator, whereby the group’s finance team has to adapt to new work processes in facilitating the liquidator and his team in carrying out their duties in managing the group’s financial and operational affairs, said Serba Dinamik.
In addition to that, the group said there was also the delay in finalising the responsibility of the audit fees and other incidental obligations, whereby the board is currently looking into the matter together with the interim liquidator.
“The management is actively discussing and resolving the matters with the external auditors to complete the Annual Report 2022 within the timeframe of not later than Jan 31, 2023,” said the group.
Serba Dinamik continued to bleed in its fourth quarter ended June 30, 2022 (4QFY22) with a net loss of RM327.76 million or loss per share of 8.84 sen, on the back of RM170.25 million in revenue.
This marked its fourth consecutive loss-making quarter, following net losses of RM42.11 million for 1QFY22, RM290.33 million for 2QFY22 and RM434.19 million for 3QFY22.
For FY22 as a whole, the Practice Note 17 company recorded a net loss of RM1.09 billion, on revenue of RM1.35 billion. There are no comparison figures due to the group’s change in financial year end to June 30 from Dec 31.
Serba Dinamik’s share price settled unchanged at two sen on Monday, bringing the group a market capitalisation of RM74.5 million.